India has traditionally been a country where small players or individual professionals like MSME’s play a vital role in the technical-commercial area. The Indian government has introduced a number of business-oriented reforms and cut red tape in the last few years for the ease of doing business. The situation has improved but on the ground, it’s still not very conducive for small businesses and MSME’s.
MSME’s find difficulty in enforcing contracts and delay in resolution of disputes because of their lesser capacity to hold on. There is also less ease of credit available to the MSME Sector particularly for the Microenterprises and the credit which is available is accompanied with high cost. Bigger players take advantage of smaller players and thus MSME’s end up bearing the loss than to continue with the work which may result in bringing them to the brink.
These MSME’ are mostly technical businesses and if they fail there could be a cascading effect on the economy of the country. The loss in good sound technical services vital in making of a great economy will be the greatest loss to a still developing economy like India. It’s not only the purview of the Government to bring about the change but the whole Business ecosystem with the bigger players who need to shift their attitude towards creating a very professional, economy driven sensible approach for sustainability.
The best time is now after the disruption that the big players take cognizance of the situation and create a conducive approach for a thriving professional economy.